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Rulings ( 11637 results )

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Income tax Appellate Tribunal

ITAT: Depreciation on goodwill arising from acquisition in slump-sale allowable since tax-reduction not underlying purpose

Jun 29, 2022
  • In Favour of Assessee
  • Citation Number : TS-509-ITAT-2022(Bang)
  • Tax Payer : I&B Seeds Private Limited
Income tax Appellate Tribunal

ITAT: Holds Rs.241 Cr from offshore supply for installation & commission of oil platforms not attributable to PE; Rejects taxability under Sec.44BB

Jun 29, 2022
  • In Favour of Assessee
  • Citation Number : TS-507-ITAT-2022(Mum)
  • Tax Payer : Clough Projects International Pty. Ltd
Income tax Appellate Tribunal

ITAT: Lower tax-rate basis non-discrimination clause not allowable due to Expl.1 to Sec.90(1); Foreign Co. & its PE, distinct for profit computation

Jun 28, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-508-ITAT-2022(Mum)
  • Tax Payer : Shinhan Bank
Income tax Appellate Tribunal

ITAT: Upholds DCF share-valuation backed by industry PE ratio; Sets aside revisionary order

Jun 28, 2022
  • In Favour of Assessee
  • Citation Number : TS-506-ITAT-2022(Mum)
  • Tax Payer : Learning Curve Edutech Solutions Pvt. Ltd
High Court

HC: IBC cannot dilute Revenue's rights; Upholds reassessment initiated after approaching NCLT but before approval of CIRP

Jun 28, 2022
  • In Favour of Revenue
  • Citation Number : TS-505-HC-2022(MAD)
  • Tax Payer : Dishnet Wireless Limited
High Court

HC: 25 Key Takeaways from Karnataka HC Ruling on Flipkart-Walmart TDS controversy on secondment of employees

Jun 25, 2022
  • In Favour of Assessee
  • Citation Number : TS-503-HC-2022(KAR)
  • Tax Payer : Flipkart Internet Private Limited
Income tax Appellate Tribunal

ITAT: Holds appeal filed by or against struck-off company to be maintainable

Jun 25, 2022
  • In Favour of Assessee
  • Citation Number : TS-499-ITAT-2022(DEL)
  • Tax Payer : Dwarka Portfolio Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Acquiring infrastructure, agreement for operating hotel constitutes business ‘set up’; Allows hotelier's claim of revenue expenditure

Jun 25, 2022
  • In Favour of Assessee
  • Citation Number : TS-496-ITAT-2022(CHNY)
  • Tax Payer : RBL Hotels Private Limited
Income tax Appellate Tribunal

ITAT: Legal challenge to reopening not challenged before ITAT earlier, cannot be decided by in remand proceedings

Jun 25, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-502-ITAT-2022(Bang)
  • Tax Payer : Mahalingam
Income tax Appellate Tribunal

ITAT: Quashes reassessment for Biocon sans new material leading to ‘reason to believe’ over Sec.35(2AB) deduction

Jun 25, 2022
  • In Favour of Assessee
  • Citation Number : TS-490-ITAT-2022(Bang)
  • Tax Payer : BIOCON LTD
Income tax Appellate Tribunal

ITAT: Service Fee paid to UK Company for client-introduction not FTS but regular business expenditure

Jun 25, 2022
  • In Favour of Assessee
  • Citation Number : TS-489-ITAT-2022(DEL)
  • Tax Payer : Hemera India Pvt. Ltd
High Court

HC: Prosecution initiated for wilful default on tax-payment fails where ITAT decided in Assessee's favour

Jun 25, 2022
  • In Favour of Revenue
  • Citation Number : TS-501-HC-2022(MAD)
  • Tax Payer : A.Latha
High Court

HC: Quashes reassessment proceeding for ‘change of opinion’ on sales promotion expense in alleged violation of MCI Regulations

Jun 25, 2022
  • In Favour of Assessee
  • Citation Number : TS-492-HC-2022(BOM)
  • Tax Payer : Virbac Animal Health India P. Ltd
High Court

HC: Quashes ITAT’s order passed against Assessee despite dismissal of Revenue's appeal against prior years' ITAT orders

Jun 25, 2022
  • In Favour of Assessee
  • Citation Number : TS-495-HC-2022(BOM)
  • Tax Payer : Omega Investments and Properties Ltd
High Court

HC: Rules on taxability of subsidy given by Dutch Govt. for installation of wind turbine generators & allowability of electricity expenses

Jun 24, 2022
  • In Favour of Assessee
  • Citation Number : TS-500-HC-2022(MAD)
  • Tax Payer : Tube Investments of India Ltd
Income tax Appellate Tribunal

ITAT: Rejects Sec.11 exemption, civil contract activities not aligned with Trust’s objects; Holds Art.12, 289 of Constitution inapplicable

Jun 24, 2022
  • In Favour of Revenue
  • Citation Number : TS-498-ITAT-2022(Bang)
  • Tax Payer : Udupi Nirmithi Kendra
High Court

HC: Dismisses Revenue's appeal on question of liaison office constituting PE, basis concurrent finding of ITAT & CIT(A)

Jun 23, 2022
  • In Favour of Assessee
  • Citation Number : TS-493-HC-2022(BOM)
  • Tax Payer : J. Ray Mc Dermott Eastern Hemisphere Ltd.
High Court

HC: Upholds prosecution since ITR furnished only after survey & reassessment notice

Jun 22, 2022
  • In Favour of Revenue
  • Citation Number : TS-494-HC-2022(MAD)
  • Tax Payer : Dharampal R.Pandia
Income tax Appellate Tribunal

ITAT: Shares giving iron ore rights​ ​not ‘intangible assets’; Rejects consistency plea absent scrutiny in earlier AY

Jun 22, 2022
  • In Favour of Revenue
  • Citation Number : TS-491-ITAT-2022(Mum)
  • Tax Payer : Sanjana Cryogenics Storages Ltd
Income tax Appellate Tribunal

ITAT: Non-initiation of Sec.270A penalty, no ground to initiate revisionary proceedings

Jun 21, 2022
  • In Favour of Assessee
  • Citation Number : TS-488-ITAT-2022(CHNY)
  • Tax Payer : Coimbatore Vaiyapuri Maathesh